Universal Life (Voluntary)
Cost and coverage
Universal life insurance offers a lump-sum cash benefit upon death, providing crucial financial security. Its fund value accumulation feature allows for loans and withdrawals as needed.
It's wise to apply for life insurance, even without dependents. Starting early lowers insurance costs and allows more time for fund value growth.
Services covered
Universal life helps your beneficiaries when you die. But several additional plans can assist through many stages in life:
- Children’s Term rider: This will offer life insurance coverage to your child.
- Long Term Care rider: You can get an advance of your death benefit to offset LTC costs.
- Extension of Benefits for Long Term Care (LTC): This enhances your policy, extending the benefits month-by-month for an additional 25 months after the LTC benefit has been depleted.
- Accelerated Death Benefit for Terminal Illness: If your physician determines that you have less than 12 months to live, you can request up to 75 percent of your death benefit as a living benefit.
Universal life is flexible:
- Guaranteed issue: Everyone qualifies, regardless of current health status.
- Portable: If you leave your job for any reason, you may take the coverage with you with no change in benefit or premium. This includes all the riders as well.
Limits or exclusions
Partial withdrawals, surrenders or other changes may result in income taxes or federal tax penalties.
How to use the benefit
Your beneficiary decides how to use the cash benefits upon your death.
Enrolling and changing
This voluntary insurance can be added to your existing coverage. Enroll within 31 days of your start date.
Each fall, you can change your plan during open enrollment. Outside of this period, changes are allowed within 31 days of a qualifying life events (e.g., marriage, divorce, or childbirth). For more information, contact human resources.
Filing a claim
Once you have passed, your listed beneficiary will need to access the My Benefits site and create an account. They can also contact customer service at 800-521-3535 to begin the process.
Forms and publications
Forms
Publications
Policy
Contact information
